THE WOODLANDS, Texas--(BUSINESS WIRE)--Pernix Therapeutics Holdings, Inc. (“Pernix”) (NASDAQ: PTX) today
announced the completion of its acquisition of Somaxon Pharmaceuticals,
Inc. (“Somaxon”) (NASDAQ: SOMX) following the approval of the
transaction by stockholders of Somaxon at the special meeting held on
March 6, 2013.

Under the terms of the agreement announced on December 11, 2012, Pernix
acquired all of the common stock of Somaxon in a stock-for-stock
transaction with a total value of $25 million.

Somaxon stockholders will receive approximately 3,665,689 shares of
Pernix common stock based on a per share price of Pernix’s common stock
of $6.82, the volume-weighted average price of Pernix’s common stock
over the 30-day period ending on the day immediately prior to today’s
closing.

Cooper Collins, President and CEO of Pernix, said, “We are pleased to
complete the acquisition of Somaxon, which is expected to continue to
broaden our product portfolio. We expect Silenor to be an important
addition to our product line that will be promoted by our sales force,
and we may also develop Silenor as an OTC product.”

Silenor® (doxepin) is approved for the treatment of insomnia
characterized by difficulty with sleep maintenance and is not a
controlled substance. In clinical trials, Silenor demonstrated
maintenance of sleep, including into the seventh and eighth hours of the
night, with no meaningful evidence of next day residual effects and an
overall adverse events profile that was comparable to placebo.

Stifel Nicolaus Weisel acted as financial advisor to Somaxon in the
transaction.

Important Safety Information About Silenor

Because sleep disturbances may be caused by underlying physical and/or
psychiatric disorders, symptomatic treatment of insomnia should be
initiated only after a careful evaluation of the patient. The failure of
insomnia to remit after 7-10 days of treatment may indicate the presence
of a primary psychiatric and/or medical illness that should be evaluated.

Patients should only take Silenor when they are prepared to get a full
night’s sleep. Silenor should be taken within 30 minutes of bedtime, and
patients should confine their activities after ingestion to those
necessary to prepare for bed. Patients should not consume alcohol or
take other drugs that cause drowsiness with Silenor. Co-administration
of monoamine oxidase inhibitors (MAOIs) with Silenor has not been
studied and is not recommended. Patients should not take Silenor if they
have untreated narrow angle glaucoma, severe urinary retention, severe
sleep apnea or hypersensitivity to any of the ingredients in Silenor.
Patients should avoid engaging in hazardous activities such as operating
a motor vehicle or heavy machinery at night after taking Silenor, and
patients should be cautioned about potential impairment in the
performance of such activities that may occur during the day following
ingestion. Before taking Silenor, patients should tell their doctors if
they have a history of depression, mental illness or suicidal thoughts.

Hypnotics have been associated with complex behaviors such as sleep
driving, preparing and eating food, making phone calls, or having sex.
Drowsiness, upper respiratory tract infections and nausea were the most
common adverse events observed in Silenor clinical trials.

About Pernix Therapeutics Holdings, Inc.

Pernix Therapeutics is a specialty pharmaceutical company primarily
focused on the sales, marketing, manufacturing and development of
branded, generic and OTC pharmaceutical products. The Company manages a
portfolio of branded products, including the recently acquired Hawthorn
Pharmaceuticals’ product line. The Company’s branded products for the
pediatrics market include CEDAX®, an antibiotic for middle ear
infections, NATROBA™, a topical treatment for head lice marketed under
an exclusive co-promotion agreement with ParaPRO, LLC, and a family of
treatments for cough and cold (ZUTRIPRO®, BROVEX®, ALDEX® and
PEDIATEX®). The Company’s branded products for gastroenterology include
OMECLAMOX-PAK®, a 10-day treatment for H. pylori infection and duodenal
ulcer disease, and REZYST™, a probiotic blend to promote dietary
management. The Company also markets the branded product, SILENOR, for
the treatment of insomnia. The Company promotes its branded pediatric
and gastroenterology products through its sales force. Pernix markets
its generic products through its wholly-owned subsidiaries, Cypress
Pharmaceutical and Macoven Pharmaceuticals. The Company’s wholly-owned
subsidiary, Great Southern Laboratories, manufactures and packages
products for the pharmaceutical industry in a wide range of
dosage-forms. A product candidate utilizing cough-related intellectual
property is in development for the U.S. OTC market. Founded in 1996, the
Company is based in The Woodlands, TX.

Additional information about Pernix is available on the Company’s
website located at www.pernixtx.com.

Cautionary Notice Regarding Forward-Looking Statements

This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
including future financial and operating results, benefits and synergies
of the proposed merger, potential cost savings, future opportunities for
the combined company and any other statements about Pernix’s future
expectations, beliefs, goals, plans or prospects.Statements
including words such as “estimate,” “plan,” “project,” “forecast,”
“intend,” “view,” “hope,” “could,” “will,” “should,” “expect,”
“anticipate,” “believe,” “seek,” “target” or similar expressions should
also be considered forward-looking statements.Because these
statements reflect current views, expectations and beliefs concerning
future events, these forward-looking statements involve risks and
uncertainties and assumptions as to future events that may not prove to
be accurate. Pernix provides no assurances regarding its future
performance, ability to realize future benefits, cost savings and
synergies of the completed merger or future opportunities for the
combined company. The following factors, among others, could cause
actual results to differ materially from those described in the
forward-looking statements: the challenges and costs of integrating,
restructuring and achieving anticipated cost savings and synergies and
other economic, business, competitive, and/or regulatory factors
affecting the business of Pernix generally. In addition to these
factors, investors should note the other factors described under the
caption "Risk Factors" in Pernix’s Form 10-K, Form 10-Q and Form 8-K
filings with the Securities and Exchange Commission and as otherwise
enumerated herein or therein.These forward-looking statements
speak only as of the date hereof.Pernix disclaims any intention
or obligation to update any forward-looking statements as a result of
developments occurring after the date of this document.